Fintech company Allay, which has offices in Manchester and Haydock, has tripled its profits in only its second year in business and is set for the same success again in 2017.

Allay, headquartered in Newcastle, saw its turnover rise from £7m to £15m in 2016, with a 300 per cent increase in profits despite more than doubling its staff numbers to 210 across four UK sites.

Following the acquisition of rival firm Manchester-based flight delay compensation specialists ConnectedClaims in January 2017, the company’s ambitious growth plans have been unveiled with an aggressive acquisition strategy and predictions that staff numbers will surpass 400 by the end of the year.

Since forming in 2015, Allay has grown both its team and offices across the UK – currently with four centres in Newcastle, Manchester, Haydock and South Wales.

Experts in providing claims processing services to the claims management industry via its in-house developed web and app-based processing platforms, the company has now handled over 1.5 million consumer claims both direct to the public and as a solutions provider to the financial services, travel and legal sectors.

The company’s innovative tech platforms deal with thousands of claims a month for those who may have been mis-sold a number of different products and services, including; PPI, packaged bank accounts, timeshares, solar panels, alarm systems, as well as flight delay compensation.

Building on the success of the flight delay compensation arm of the business, in a UK first the innovative firm recently launched ‘airFair’, a flight delay compensation app allowing users to check if they are eligible to claim – from as early as when they are still in the airport.

Steven Bell, managing director of Allay, said: “It’s been a great year for Allay and we are in a fortunate position to have clear visibility of further 100 per cent topline growth this year, with our profits also holding firm at 300 per cent growth.

“The FCA recently announced a deadline on PPI claims which means consumers have just 2.5 years to reclaim what is rightfully theirs. This deadline, coupled with an expected large scale public information campaign, means that there will be even more demand and therefore some consolidation in the claims management space as smaller operators decide they want out. We have the investment funds raised along with the technology and infrastructure to manage exponential growth of claims transactions and we are already talking to several mid-sized claims firms about acquisition.

Our technology team, Allay Logic, gives us a real edge over our competitors by allowing us to continually test and develop new platforms, whilst our main eco-system is built to process large volumes of claims in a variety of sectors, so we are geared both for more growth now and new opportunities ahead.”